Pension fund industry in Lithuania

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1 Pension fund industry in Lithuania Šarūnas Ruzgys President in Lithuanian investment and pension funds Association CEO in DNB asset management, UAB

2 Pension: multi-pillar system Multipillar Structure (World Bank Classification) Pillar 0 Pillar 1 Public Public Redistributive Earnings-Related (Tax Financed) (Contributory PAYG) Pillar 2 Mandatory Private Funded Pillar 3 Voluntary Private Funded Pillar 4 Housing, Reverse Mortgages 2

3 II pillar system parameters, Total AuM, EUR bn 1.36 Contributions from State, EUR bn 1.23 Total number of participants, million Penetration rate ~82% 3

4 II pillar system parameters Year `04 `05 `06 `07 `08 `09 `10 `11 `12 Aver age Average annual return, % 11,6 10,6 5,34 3,7-19,7 17,3 8,8-2,9 9,3 4,8 Inflation, % 2,9 3 4,5 8,1 8,5 1,3 3 3,4 3,1 4,2 4

5 Recent developments From contribution rate down from 5,5% to 3 %; From contribution rate down from 3% to 2 %; From contribution rate down from 2% to 1.5 %; New legislation: ,5% From 2014: 2%+(1%+1%) from average salary (~600 EUR); From 2016: 2%+(2%+2%) from average salary From 2020: 3.5%+(2%+2%) from average salary 5 5

6 Recent developments Window to state social system (accrued amount is left in the personal fund account). Window period from to ; There should be one more chance to return to cumulative system); 1+1 (2+2) is a default-out, meaning you are not in, if not applied for that. New system participants from should automatically enroll into this financing sheme. Gone requirement to stay within management company for the first 3 years it can be changed any time from the first installment was received; Fee levels for funds management is reduced. From subscription fee cap is 2%, and annually decreasing at 0,5% until 0%. Annual management fee for so called conservative pension funds will be caped at 0,65%, for others 1%. 6 6

7 Retirement framework Additional pension Additional pension + + Pension, accrued in the fund = Total retirement benefit Basis pension Basis pension Start of career Joining the private fund Age of retirement 7

8 Short overview of II pillar Total 30 funds; Total 9 companies: 7 asset management companies and 2 life insurance companies Equity Balanced Moderate Risk Conservative PF Asset Allocation by Strategy 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Source: Bank of Lithuania 8

9 Investment style and asset allocation in Lithuanian pension funds Tactical asset allocation investment style is dominant Allocation by Asset Type Deposits & Cash 5% 0% Third party active & passive investment vehicles accounts for the biggest share of investments Investments by Investment Vehicle Cash & Deposits, 5.36% Other CIF, 1.47% Equity & Equity funds 38% Bond funds & Gov. Bonds 57% Government & Corporate Bonds, 37.19% Equity funds; 33,70% Bond funds; 21,41% Individual stocks, 0.86% Source: Bank of Lithuania 9

10 Pension fund asset allocation for selected investment categories, 2010 Hong Kong (China) United States Australia Peru Chile Colombia Poland Lithuania Norway Austria Bulgaria Hungary Romania Israel Slovenia Slovak Republic Czech Republic Equities Bills and bonds Cash and deposit Other Source: OECD Global Pension Statistics 10

11 Investments structure by country Investments in Lithuania are mostly related with investing in government bonds Luxemburg and Ireland are mostly targeted for the investments funds Germany and France mostly targeted for ETFs Estonia; 1.7% Sweden; 1.4% Slovak; 1.1% Others; 7.8% United States; 1.9% Lithuania; 31.2% Great Britain; 2.0% France; 6.7% Germany; 9.2% Ireland; 10.5% Luxembourg; 26.5% Source: Bank of Lithuania 11

12 Investments structure by currency Currency risk is minor: LTL is pegged to EUR at ; SEK; 1.4% Others; 1.8% The main currency is EUR or LTL, over 81 %; LTL; 14.6% 15 % USD is mostly related with investment funds; Other currencies slightly over 3 %; Derivatives are used for hedging purposes only; The main risk is EUR sustainability in the long run. USD; 15.3% EUR; 66.8% Source: Bank of Lithuania 12

13 Constraints in diversification and growth oriented investment Diversification rules are set forth in the respective legislative acts (compliant to UCITS principles) The benchmarks in II pillar are obligatory, but are chosen voluntarily within the fund (methodology aligned with regulatory body) In general investment strategies are quite liberal. There is no limitations or special requirements towards local market (in line with general diversification rules) Due to political tensions, fund managers are more keen to providing attractive short-medium term results vs long term (also due to free movements across funds) 13

14 Current investment approaches (policies) of pension funds Based on the relevantly low fee levels and requirements to cover all fund costs from these fees, funds are using more passive investment strategies, usually no big moves for rebalancing the portfolios; While the assets are relatively low, rebalancing is performed partly along with new inflows from periodic contributions; In general fund managers are free to choose their own investment approach, the stress being made on correct communication to clients, general competitive environment; Due to investments mainly into (mainly global) collective investment undertakings, no usage of derivatives and quite narrow array of currencies used, the general investment risks in pension funds is quite balanced. 14

15 Possible further developments On agenda is introduction of life cycle approach (in cooperation with World Bank); However due to political instability and quite low contribution rate, this approach and all the mechanical details are not yet revealed for public discussions; Possibility to establish state pension fund(s) is also not foregone; Increasing willingness to promote employer financed pension funds (law is active, but no market players so far due to lack of labor unions interest, high general taxation level) 15

16 THANK YOU ANY QUESTIONS? 16

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